For 6 months BNB has funded the deficit on the payment balance with 3 bln euro
Updated on: 18.06.2009, 07:59
Published on: 18.06.2009, 07:55
The Bulgarian national bank has funded the deficit in the payment balance with 3 billion euro for the last quarter of 2008 and the first quarter of 2009. This said in an interview for DarikFinance.bg the financial expert Garabed Minasyan from the economic institute at the Bulgarian academy of science. According to him the most undesired condition of the payment balance is when there is deficit both on the current and the financial account. Such are the data for the first quarter of this year. This is what else Mr. Minasyan said:
If this thing continues, even in a softer option, it will put a very serious pressure on the currency reserves of the country. And the whole monetary union will be put to the test. Not on the viewpoint of the technical coverage of the internal monetary exchange, because the currency reserves don’t cover it in sufficient scale. BNB is observing this and it is good. The problem is that the flowing out of currency resources reduces the internal monetary exchange and shrinks the economy. And this shrinking leads to the appearance of unemployment, income reduction and social tension.
